Karachi, February 18, 2014 (PPI-OT): $183 million export credit, power project deals signed
According to MR Securities,
Pakistan and Saudi Arabia on Monday signed two agreements on export credit facility of $125 million for purchase of urea from Sabic and $58 million funding by Saudi Fund for Development of Golan Hydropower Project in Chitral.
July-January period: net foreign private investment down 14 percent
Net foreign private investment in Pakistan fell by 14 percent to $571 million in the first seven months of the current fiscal year owing to energy crisis, unclear economic policies and worst law and order situation.
Home Remittance Services: NBP collaborates with Arab National Bank
National Bank of Pakistan (NBP) recently launched Home Remittance Services in collaboration with Arab National Bank (Telemoney). On the occasion Khalid bin Shaheen, SEVP/Group Chief – NBP said, “NBP is a key player in the remittance market of Pakistan and the remittance arrangement with Arab National Bank is another milestone”.
Energy projects: EIB signs €100 million agreement with Pakistan
The European Investment Bank (EIB) on Monday signed an agreement to provide €100 million (Rs14.4 billion) loan for the 128-megawatt (MW) Keyal Khwar hydropower project, helping the government achieve financial closure for a project that remained on paper even 10 years after its approval.
Tax pool: Provinces receive 43% of their share in taxes
The federal government’s payments to provinces on account of their share in taxes have so far remained largely in line with projections, allowing the four federating units to show surplus budget in the first half of the current fiscal year.
Open bid: Govt likely to invite fresh tenders for LNG supply
Another tender for the supply of liquefied natural gas (LNG) is on the cards as the Ministry of Petroleum and Natural Resources is exploring the possibility of arranging gas supplies through international competitive bidding in addition to striking a deal with Qatari government. Talks with Doha are set to start Tuesday.
SNGPL to withdraw decision of gas suspension to textile industries
SNGPL to withdraw its decision for suspension of gas to textile industries in Faisalabad; it is anti-industry and anti-worker and will damage the benefits of GSP Plus status to Pakistan, said leaders of Textile Associations and office bearers of Faisalabad Chamber of Commerce and Industry (FCCI) in a joint press conference.
Alternative sources: Hydel generation increases, reveals NTDC data
Hydel generation has increased significantly due to a higher water discharge from Tarbela and Mangla dams which stood at 3,315 megawatt (MW). According to data released by the National Transmission and Dispatch Company Limited (NTDC), hydel generation stood at 3,315MW, thermal at 1,265MW and Independent Power Producers (IPPs) at 4,720MW.
Textile: Nepal diplomat wants trade potential unlocked
Pakistan and Nepal should focus on the promotion of bilateral business relations, ensuring continued partnership for progress, said Ambassador of Nepal Bharat Raj Paudyal, while talking to textile exporters of Faisalabad on Monday.
Oil, gas stocks pull foreign investment
Oil and gas shares have exerted a pull on foreign investment in the capital market with 80 percent of such investment landing in the sector, said an analyst at Arif Habib Corporation. Ahsan Mehanti said that of the remaining 20 percent, banking and fertiliser stocks drew 10 percent each.
SECP drafts new provident fund rules
The Securities and Exchange Commission of Pakistan (SECP) has drafted a new set of Employees Provident Fund (Investment in Listed Securities) Rules, 2014, a statement said. The new rules were formulated to synchronise certain provisions in the existing Employees’ Provident Fund (Investment in Listed Securities) Rules of 1996 with the SRO dated May 10, 2002.
Agri credit target revised
The State Bank of Pakistan (SBP) has revised the provisional agriculture credit disbursement target to Rs380 billion from Rs360 billion for 2013-14. In a statement, the central bank said Monday that the target was 13 percent higher from Rs336 billion disbursed in 2012-13.
HBL strengthens service standards
Habib Bank Ltd (HBL) has taken strong initiatives towards strengthening their service excellence standards, a statement said. The bank has collaborated with a leading global training company, UP! Your Service College, Singapore, to attain a licensed programme, it said.
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